Australia-born, U.S.-naturalized tabloid titan pays too much, then makes it work. In August his 20-year crush culminates in deal to buy Wall Street Journal, parent Dow Jones. Price tag: $5 billion (over 90% cash) plus $600 million in assumed debt. Bancroft family (and Dow Jones execs) succumbed after flirting with 21 other possible suitors; there were no takers. Reason: Murdoch's 60% premium. Doubters said he overpaid for MySpace, too ($630 million in 2005); a year later Google agreed to pay $900 million for 3 years of access to MySpace, other Weblets. Oxford grad, started with one paper, inherited at age 23. WSJ adds class to News mass: New York Post, Fox film, broadcast and cable channels. New rival to business network CNBC debuts Oct. 15. Told FORBES in February that the Bancrofts wouldn't sell for "5, 10, 20 years. But I won't be here." Then gave $600 million in stock to his 6 kids. Reason: estate planning. Succession is still unsettled. Son James, 34, runs BSkyB in U.K.; son Lachlan, 36, who quit in 2005 and stayed onboard, could yet return.

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